Delaware’s seasonally adjusted unemployment rate in February 2023 was 4.6%, unchanged from January 2023, with no signs of an economic downturn in the early part of the year, the Delaware Department of Labor reported.
There were 22,600 unemployed Delawareans in February 2023 compared to 22,300 in February 2022. The US unemployment rate was 3.6% in February 2023, up from 3.4% in January 2023. In February 2022, the US unemployment rate was 3.8%, while Delaware’s rate was 4.5%.
In February 2023, seasonally adjusted nonfarm employment was 479,900, up from 478,900 in January 2023. Since February 2022, Delaware’s total nonfarm jobs have increased by 11,200, up 2.4%. Nationally, jobs during that period increased by 2.9%.
Over the decades, Delaware often had a lower jobless rate than the national average. Previous national forecasts have indicated a mild recession in the U.S. would result in the national unemployment rate moving to 4.5%.
In its monthly commentary, the department noted that the workforce participation rate was near all-time low and above figures seen during the Covid-19 pandemic. Reasons could include early retirement, a lack of childcare, living off of servings, or Covid government benefits that are going away.
Workforce participation refers to those employed or seeking work.
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